Regulatory Update: IFRS 9 - Implementing the new accounting standard
3 November 2015
The final IFRS 9 was issued in July 2015 by the international Accounting Standards Board (IASB) as a complete standard and has replaced IAS 39 Financial Instruments, Recognition and Measurement. It will come into effect on 1st January 2018, with early adoption permitted.
This accounting standard has been put in place to eliminate a variety of differences between the International Financial Rporting Standards (IFRS) and the US GAAP accounting standard. It brings together the classificaiton and measure,ent, impairment and hedge accounting phases of the IASB's project to replace IAS 39. IFRS 9 is built on a logical, single classificaiton and measurement approach for financial assets that reflects the business model in which they are managed and their cash flow characteristics.